12
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2019-10-01
Sage Accounts Production Advanced 2020 - FRS102_2019
113,077
92,997
32,479
35,518
67,997
25,000
80,598
xbrli:pure
xbrli:shares
iso4217:GBP
04858642
2019-10-01
2020-09-30
04858642
2020-09-30
04858642
2019-09-30
04858642
2018-10-01
2019-09-30
04858642
2019-09-30
04858642
core:PlantMachinery
2019-10-01
2020-09-30
04858642
core:FurnitureFittings
2019-10-01
2020-09-30
04858642
bus:Director4
2019-10-01
2020-09-30
04858642
core:PlantMachinery
2019-09-30
04858642
core:FurnitureFittings
2019-09-30
04858642
core:PlantMachinery
2020-09-30
04858642
core:FurnitureFittings
2020-09-30
04858642
core:AfterOneYear
2020-09-30
04858642
core:WithinOneYear
2020-09-30
04858642
core:WithinOneYear
2019-09-30
04858642
core:ShareCapital
2020-09-30
04858642
core:ShareCapital
2019-09-30
04858642
core:CapitalRedemptionReserve
2020-09-30
04858642
core:CapitalRedemptionReserve
2019-09-30
04858642
core:RetainedEarningsAccumulatedLosses
2020-09-30
04858642
core:RetainedEarningsAccumulatedLosses
2019-09-30
04858642
core:BetweenOneFiveYears
2019-09-30
04858642
core:CostValuation
core:Non-currentFinancialInstruments
2019-09-30
04858642
core:CostValuation
core:Non-currentFinancialInstruments
2020-09-30
04858642
core:Non-currentFinancialInstruments
core:ProvisionsForImpairmentInvestments
2019-09-30
04858642
core:ImpairmentLossProvisionsForImpairmentInvestments
core:Non-currentFinancialInstruments
2020-09-30
04858642
core:Non-currentFinancialInstruments
core:ProvisionsForImpairmentInvestments
2020-09-30
04858642
core:Non-currentFinancialInstruments
2020-09-30
04858642
core:Non-currentFinancialInstruments
2019-09-30
04858642
core:PlantMachinery
2019-09-30
04858642
core:FurnitureFittings
2019-09-30
04858642
bus:SmallEntities
2019-10-01
2020-09-30
04858642
bus:AuditExempt-NoAccountantsReport
2019-10-01
2020-09-30
04858642
bus:FullAccounts
2019-10-01
2020-09-30
04858642
bus:SmallCompaniesRegimeForAccounts
2019-10-01
2020-09-30
04858642
bus:PrivateLimitedCompanyLtd
2019-10-01
2020-09-30
04858642
core:Non-currentFinancialInstruments
core:TransfersIntoOrOutInvestmentsIncreaseDecreaseInInvestments
2020-09-30
COMPANY REGISTRATION NUMBER:
04858642
Filleted Unaudited Financial Statements
|
|
Statement of Financial Position
|
|
30 September 2020
Fixed assets
Tangible assets
|
5
|
6,987
|
15,292
|
Investments
|
6
|
25,000
|
80,598
|
|
--------
|
--------
|
|
31,987
|
95,890
|
|
|
|
|
Current assets
Debtors
|
7
|
157,420
|
255,739
|
Cash at bank and in hand
|
283,480
|
161,764
|
|
---------
|
---------
|
|
440,900
|
417,503
|
|
|
|
|
Creditors: amounts falling due within one year
|
8
|
165,865
|
154,876
|
|
---------
|
---------
|
Net current assets
|
275,035
|
262,627
|
|
---------
|
---------
|
Total assets less current liabilities
|
307,022
|
358,517
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
9
|
50,000
|
–
|
|
|
|
|
Provisions
|
1,327
|
2,905
|
|
---------
|
---------
|
Net assets
|
255,695
|
355,612
|
|
---------
|
---------
|
|
|
|
Capital and reserves
Called up share capital
|
90
|
90
|
Capital redemption reserve
|
60
|
60
|
Profit and loss account
|
255,545
|
355,462
|
|
---------
|
---------
|
Shareholders funds
|
255,695
|
355,612
|
|
---------
|
---------
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued)
|
|
30 September 2020
These financial statements were approved by the
board of directors
and authorised for issue on
25 June 2021
, and are signed on behalf of the board by:
Company registration number:
04858642
Notes to the Financial Statements
|
|
Year ended 30 September 2020
1.
General information
The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is Epsilon House, Enterprise Road, Southampton Science Park, Southampton, SO16 7NS.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis. The Directors have prepared forecasts for a period greater than one year from the signature of the financial statements and believe that the company will be able to continue in operational existence.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced in respect of services rendered during the year, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Computer equipment
|
-
|
33% straight line
|
|
Furniture & fittings
|
-
|
25% straight line
|
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
12
(2019:
13
).
5.
Tangible assets
|
Computer equipment
|
Furniture and fittings
|
Total
|
|
£
|
£
|
£
|
Cost
|
|
|
|
At 1 October 2019 and 30 September 2020
|
58,306
|
10,358
|
68,664
|
|
--------
|
--------
|
--------
|
Depreciation
|
|
|
|
At 1 October 2019
|
46,826
|
6,546
|
53,372
|
Charge for the year
|
6,668
|
1,637
|
8,305
|
|
--------
|
--------
|
--------
|
At 30 September 2020
|
53,494
|
8,183
|
61,677
|
|
--------
|
--------
|
--------
|
Carrying amount
|
|
|
|
At 30 September 2020
|
4,812
|
2,175
|
6,987
|
|
--------
|
--------
|
--------
|
At 30 September 2019
|
11,480
|
3,812
|
15,292
|
|
--------
|
--------
|
--------
|
|
|
|
|
6.
Investments
|
Investments
|
|
£
|
Cost
|
|
At 1 October 2019
|
113,077
|
Transfers
|
(
20,080)
|
|
---------
|
At 30 September 2020
|
92,997
|
|
---------
|
Impairment
|
|
At 1 October 2019
|
32,479
|
Impairment losses
|
35,518
|
|
---------
|
At 30 September 2020
|
67,997
|
|
---------
|
|
|
Carrying amount
|
|
At 30 September 2020
|
25,000
|
|
---------
|
At 30 September 2019
|
80,598
|
|
---------
|
|
|
7.
Debtors
|
2020
|
2019
|
|
£
|
£
|
Trade debtors
|
133,821
|
231,425
|
Other debtors
|
23,599
|
24,314
|
|
---------
|
---------
|
|
157,420
|
255,739
|
|
---------
|
---------
|
|
|
|
8.
Creditors:
amounts falling due within one year
|
2020
|
2019
|
|
£
|
£
|
Trade creditors
|
13,075
|
15,656
|
Corporation tax
|
26,889
|
72,616
|
Social security and other taxes
|
95,187
|
44,049
|
Other creditors
|
30,714
|
22,555
|
|
---------
|
---------
|
|
165,865
|
154,876
|
|
---------
|
---------
|
|
|
|
9.
Creditors:
amounts falling due after more than one year
|
2020
|
2019
|
|
£
|
£
|
Bank loans and overdrafts
|
50,000
|
–
|
|
--------
|
----
|
|
|
|
10.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2020
|
2019
|
|
£
|
£
|
Not later than 1 year
|
10,600
|
–
|
Later than 1 year and not later than 5 years
|
–
|
31,800
|
|
--------
|
--------
|
|
10,600
|
31,800
|
|
--------
|
--------
|
|
|
|
11.
Directors' advances, credits and guarantees
Dividends paid to the directors during the year were £170,000 (2019 - £285,000).
12.
Covid-19
On 11 March 2020 the World Health Organisation declared a pandemic in respect of Covid-19 and on 23 March a lockdown was imposed in the UK. The company was well-prepared for this eventuality and all staff moved to homeworking prior to the lockdown. Various levels of lockdown, social distancing and other restrictions have remained in place since March 2020.
The company has reviewed its working practices and updated its computer systems and this will allow its staff to work partly from home on a flexible basis for the long term.
The company has received government assistance under the Coronavirus Job Retention Scheme, the Bounce Back Loan Scheme and from the coronavirus Local Authority Discretionary Grants Fund.